Since early 2025, several major exchanges including Cboe BZX and NYSE Arca have submitted proposals to the U.S. Securities and Exchange Commission (SEC) with the aim of incorporating staking services into existing spot exchange-traded funds (ETFs). If these proposals receive approval, they could significantly boost the adoption of cryptocurrencies, particularly Ethereum, by offering traditional investors a more streamlined way to gain exposure to ETH while simultaneously earning passive income through staking.

Brian Fabian Crain, the Chief Executive Officer and Co-founder of Chorus One, expressed cautious optimism regarding the likelihood of these proposals being approved before the conclusion of President Trump's first term. However, he highlighted that the SEC is expected to prioritize stringent investor protection measures before proceeding. In mid-February, both Cboe BZX Exchange and NYSE Arca made progress toward launching Ethereum staking ETFs. Cboe BZX filed to amend the 21Shares ETF, followed closely by NYSE Arca submitting a similar proposal for Grayscale’s ETF offerings.

Staking serves as a core element of Proof-of-Stake (PoS) blockchains. Unlike energy-intensive mining processes used in Proof-of-Work (PoW) blockchains such as Bitcoin, PoS networks select participants who act as validators responsible for verifying and adding new transactions or blocks to the blockchain based on the amount of cryptocurrency they have \"staked\" or locked up.

If approved, these Ethereum ETFs would enable traditional investors to obtain exposure to the cryptocurrency while also generating passive income by contributing to the security of the Ethereum network via staking. This initiative would mark another pivotal advancement in institutional crypto adoption and enhance Ethereum's market standing compared to other digital assets.

Throughout much of 2024 and early 2025, Ethereum's price performance trailed significantly behind Bitcoin. By early April 2025, the ETH\/BTC ratio reached a record low, signaling Bitcoin's superior performance. Fluctuations in the broader crypto market further complicated Ethereum's market positioning. Just recently, the network touched its lowest price point in two years, diminishing investor confidence.

With growing support from exchanges and asset managers for an Ethereum-staking ETF, such a development has the potential to reposition Ethereum. Integrating staking within an ETF framework would stimulate higher demand for ETH and attract more investors while enhancing Ethereum's security by expanding the validator pool and decentralizing staking across a broader spectrum of holders. Increased total staked ETH would fortify the network against attacks.

Other regions have already legalized staking services, prompting the United States to view early adoption as a motivation to act swiftly and preserve its competitive edge. This week, Hong Kong's Securities and Futures Commission (SFC) introduced new guidelines permitting licensed crypto exchanges and funds in the region to offer staking services, subject to strict conditions. Hong Kong distinguished itself from other jurisdictions like Singapore, which prohibited retail staking in 2023, and the former SEC administration under Gary Gensler, which adopted a historically restrictive stance.

Crain opined that this new development will primarily exert competitive pressure on the SEC to follow suit. Incorporating staking into Hong Kong-listed crypto ETFs would place U.S. funds and exchanges at a competitive disadvantage if the SEC persists in its prohibition. When reviewing the 21Shares and Grayscale applications, the SEC may need to consider that global investors might shift to international markets to access these staking ETF products if the U.S. does not eventually permit them.

While competition is a factor, the SEC will also need to address various complexities intrinsic to Ethereum staking, which may impede final approval. Among the most crucial considerations for the SEC is whether staking programs qualify as investment contracts. The previous SEC administration targeted centralized exchanges like Kraken and Coinbase for operating staking services deemed unregistered profit schemes and in violation of U.S. securities laws. In centralized exchanges, users must effectively transfer custody of their cryptocurrency to a third-party entity managing staking and distributing rewards. However, this model differs from the decentralized process inherent in Ethereum.

Although an ETF staking its assets presents a different model, the SEC will scrutinize it closely for security violations. Addressing this concern involves demonstrating that protocol rewards originate inherently from the decentralized network rather than the sponsor’s business efforts. While this issue is largely conceptual, it is critical; SEC approval hinges on satisfying securities law requirements regarding staking.

Meanwhile, slashing risks are another matter of concern. A key distinction from traditional commodity funds is that a staking ETF must actively participate in network consensus, exposing it to the potential for slashing. Slashing is a penalty where a portion of the staked ETH can be destroyed if a validator acts improperly or makes mistakes. For investors, the ETF’s principal could suffer partial losses due to operational errors, a risk absent in non-staking ETFs. Typically, custodians have insurance for asset loss due to theft or cyberattacks. However, slashing is a protocol-enforced penalty, not traditional “theft,” and many custody insurance policies might not cover it. Therefore, the SEC will likely inquire about safeguards in case a slashing event occurs.

This novel aspect of Ethereum staking introduces certain ambiguities in accounting treatment. Liquidity risks associated with Ethereum staking are another factor to consider. A key detail the SEC will examine is that staked ETH lacks instant liquidity. Even after the Shanghai upgrade enabled withdrawals in 2023, the Ethereum protocol still incorporates delays and queues preventing staked ETH from being instantly liquid upon initiating the unstaking process. During heavy outflows, the fund might not immediately access all its ETH to meet redemptions. The SEC views this as a structural complexity that could harm investors if not properly planned.

Finally, there are also security risks that must be addressed responsibly. Securing custody for Ethereum in an ETF is already crucial, and adding staking will increase the SEC’s scrutiny. Recognizing the vulnerability of keys during validator activation, the SEC will most likely require custodians to use cutting-edge security modules to prevent hacking. Any prior incidents of security breaches involving a custodian would raise serious concerns.

Aiming to mitigate these risks, some exchanges have proposed that the ETH for staking remain within the custodian’s control at all times. This model is largely referred to as a “point-and-click” mechanism. The proposal directly addresses the SEC’s security concerns by emphasizing that the ETH never leaves the custodian, thereby minimizing the theft risk. Furthermore, it clarifies that the yield is generated automatically by the network, not through the entrepreneurial endeavors of a third party.

Despite the complexities and technical details of staking in Ethereum ETFs, the prevailing political climate in the U.S. could lead to a more favorable environment for their eventual approval. That said, Crain cautioned that the SEC will not approve an ETF of this kind until it’s fully satisfied with the investor protections in place. Even so, the overall outlook remains positive. In the best-case scenario, an Ethereum staking ETF could gain approval by the end of 2025.

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